BALANCE SHEET Assignment Required: Recreate the balance sheet in an Excel spreadsheet. Use cell formulae to add and subtract numbers. Add a column next to the balance sheet for answers to the questions listed below. Questions: Is accounts payable larger or smaller than accounts receivable? What is the difference? What do the numbers indicate? Explain. What does “equipment net of depreciation” mean? Are payables short-term or long-term? Determine total liabilities. Determine net short-term assets or liabilities. Determine the total amount owed by VWV at the end of the year. How do we know that the above is a corporate (not a sole proprietor) balance sheet? Assignment Expectations Submit the Excel spreadsheet. All information should be part of the spreadsheet. Written comments should be brief and refer to the balance sheet. Both content and presentation matter. Background: The emphasis is on the balance sheet, but we need to understand how the four financial statements are connected. Let us start with two brief videos describing financial statements. AccountingWITT. (2011, Oct. 1). Financial Statements An Introduction. [Video file]. Retrieved from https://www.youtube.com/watch?v=dqOCRIcapoI&list=PLBvbcPpX_6wSF3UQwLxdRNJeK4cSGWkx8&index=21 AccountingWITT. (2011, Oct. 20). Financial Statements Interconnectivity. [Video file]. Retrieved from https://www.youtube.com/watch?v=9OX3Cnd35LE&index=26&list=PLBvbcPpX_6wSF3UQwLxdRNJeK4cSGWkx8 Next, view the video below and read a succinct explanation for an introduction to the balance sheet. The Motley Fool. (n.d.). Balance Sheet. Retrieved from https://wiki.fool.com/Balance_sheet Cliqvid. (2013, February 13). What is a balance sheet? [Video File]. Retrieved from https://www.youtube.com/watch?v=ixCPM5HznRU It is now time for a somewhat more comprehensive overview of a balance sheet. At this time it is sufficient to review the section on the balance sheet. Baruch Colleges Guide to Financial Statements. [Interactive Presentation]. (2008). Retrieved from https://www.baruch.cuny.edu/tutorials/statements/view_tutorial.html The Securities and Exchange Commission (SEC) also offers an excellent Beginner’s Guide to Fianancial Statements that provides a good introduction. Optional Readin Accounting Coach. (n.d.). Dictionary of accounting terms. Retrieved from https://www.accountingcoach.com/terms Walther, L. M. (2017). Principles of accounting: A complete online text. Retrieved from https://www.principlesofaccounting.com/. Note that there are also many useful videos associated with Dr. Walther’s textbook.
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